HRPAY 20-14 Thrift Savings Plan
Published: December 28, 2020
Effective: Pay Period 01, 2021
Employee contributions to the Thrift Savings Plan (TSP) are limited by Internal Revenue Code (IRC) restrictions. Effective January 2021, the TSP elective deferral limit will remain $19,500.
As of Pay Period 26, 2020, it is no longer necessary to complete a TSP-1-C, Catch-Up Election Form for catch-up contributions. The employee will receive matching on the first 5% of their funds all year as long as the employee does not exceed the maximum of $26,000 for age 50 and over, and $19,500 if under age 50.
Employees should enter the total amount they want to contribute to both regular and catch-up on the TSP-1, Election Form. Also, employees can split contributions between Traditional and Roth accounts. Employees must calculate how much for each and enter accordingly in the TSP-1, Election Form.
Employees should review their earnings and leave statement to ensure that their TSP contribution amount or percentage does not impact other deductions such as Old Age, Survivors, and Disability Insurance (OASDI); Medicare; and/or retirement.
For questions about National Finance Center (NFC) processing, authorized Servicing Personnel Office representatives should contact the NFC Contact Center ator via the customer service portal.